Rand manipulation: SA banks face renewed scrutiny as ConCourt hears cartel case

By Johnathan Paoli

The long-running saga over alleged rand–dollar rigging returned to the spotlight on Tuesday, with the Constitutional Court reviewing the Competition Commission’s appeal against a ruling that cleared most local and international banks of collusion.

Senior Counsel Advocate Tembeka Ngcukaitobi, representing the Competition Commission, described the case as a “classic example of the evolution of cartels,” arguing that the alleged conduct was sophisticated, transnational, and struck at the very heart of South Africa’s economic sovereignty.

“This is something unique. They targeted the sign of our sovereignty, the rand, in a perverse scheme driven by profit motives,” Ngcukaitobi told the court.

“Cartels no longer respect borders or products in pursuit of profit. South Africa has a special responsibility to prosecute this conduct because at the heart of it is the rand.”

The case dates back to April 2015, when the Competition Commission filed a complaint against more than two